‘Easy way to save £129,000’ is being missed by millions of Britons – are you one of them?

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‘Easy way to save £129,000’ is being overlooked by millions of Britons – are you one of them?

According to shocking new research, Britons could save £129,000 by following one simple tip.

That’s enough to buy a one-bedroom home in Birmingham outright without a mortgage.

Experts frequently recommend it, and it’s so simple to do that millions of Britons could benefit but aren’t.

When it comes to credit scores, the advantages of having a good one over having a bad one should not be overlooked.

Not when the average British citizen could save £129,000 over their lifetime.

A credit score is a numerical representation of a person’s creditworthiness; the higher the score, the better the interest rates offered to the borrower.

The first step in taking care of one’s credit score, according to Akansha Nath, Head of Partnerships at Credit Karma, who conducted the study, is not to overspend.

“Encouraging shoppers to only spend what they can afford is easier said than done after such a financially challenging year,” she said.

While a once-in-a-while treat shouldn’t hurt, doing so on a regular basis could be harmful.

“Tackling debt or money worries as soon as possible can limit their long-term impact,” Ms Nath added.

“Talking to your creditors or seeking outside help can help you restructure debt in a more manageable way, reducing the impact on your ability to borrow in the future.”

A credit score is determined by a person’s credit history, which includes how many active accounts they have, how much debt they owe, and how well they have paid off their debts.

Although it is advantageous to be savvy from the age of 18, it is never too late to improve.

Ms. Nath offered some helpful hints for improving one’s credit score.

Even if they are late getting started, her advice could help people secure lower mortgage and loan rates, potentially saving them thousands of dollars.

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Consumer credit card borrowing jumped to its highest level in more than a year in November 2021, according to Bank of England data.

According to Credit Karma, it’s more important than ever for people to review their accounts and re-evaluate their financial priorities.

“The total value of a good credit score has been quantified at £129,000 – in terms of interest savings when comparing a good to a poor credit score across a,” Ms Nath continued.

“Brinkwire News in Condensed Form.”

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